Page 11 - Risk Management Bulletin April-June 2022

RMAI BULLETIN APRIL - JUNE 2022

8. Maintain risks in one risk tracker or register. the time to identify risks; otherwise it’s impossible to
The risk management framework also provides prioritize them. Once you’ve identified potential risks,
templates and tools, such as: A risk register for each use our risk treatment plan template to help you
project to track the risks and issues identified. prioritize them. Project managers need to be a sort of
judge and jury when prioritizing risk. Too much
Risk Impact Probability Severity Rsnk intervention to align your risks will produce chaos. To
Description begin, put on that judge hat and get a head start on
your project using effective prioritizing skills.

Why Risk Management Process needs
Systematic Review?

Many industries that undertake policy and guideline
creation perform some type of risk assessment. It
could be identifying and quantifying specific risks
relating to a company and its stakeholders, or a
A risk checklist, which is a guideline to identify risks broader mandate to assess risk and harm in the
based on the project life cycle phases. general population. Regardless of its purpose, the
assessment, in turn, dictates the risk management
A risk repository, which is all the risks identified across process.
projects so far Make sure you maintain one single risk
register for all type of risks. The process of risk assessment, and therefore risk
management, is a prime candidate for the robust and
9. Identify both Threats & Opportunities.
rigorous methodology used in systematic reviews. Let’s
An opportunity is a positive outcome that may bring take a closer look at what role systematic reviews play
additional value to a project by achieving in the risk assessment and management process.
improvement. Project opportunities management is a
set of techniques and tools to help a risk manager to The challenge of bringing SR
identify and understand possible improvements to the
project objectives. methodology to risk assessment
While it might seem like a no-brainer for risk
This component of a strategy for project risk management professionals to rely on systematic
management refers to actions for identifying, review processes in their work, you would be surprised
analysing, and mitigating negative consequences that to know that many in the industry are only just
are risks. Threats management involves utilization of beginning to adopt these practices in their workflow.
project risk management resources to describe risks, The reason for this is something we see all too often -
analyse their attributes, evaluate the probability of a lack of time and resources.
occurrence, and add identified risks to the risk register.

Like with managing opportunities, managing threats
refers to a 4-stage process (Identify, Analyse, Plan and
Manage). A project risk manager is responsible for
organizing a team which will follow a risk treatment
plan and report back on current progress of project risk
management strategy.

Try to decrease the impact of threats & to increase the
chances of occurrence of opportunities. Plan to spend
time for both.
10. Analyze & prioritize risks.
For risk management to be effective, you must take

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